08.09.2014 - Gold prices rose on the background of weak data from the United States

The price of gold corrected upwards after the statement of the ECB on monetary policy easing and the reduction of interest rates, which increased the demand for gold in the euro area, but was offset by a stronger dollar and after the release of statistics on the labor market in the United States, which despite the decline in unemployment to 0.1%, to 6.1% showed the weakest growth of new jobs outside the agricultural sector in August - 142 thousand., versus expected 226 thousand. The agreement on a cease-fire in eastern Ukraine is executed only formally and clashes are continuing in the region and in the near future we may see another deterioration of situation. Demand from investment funds remains weak, but in China is growing the interest in gold. We maintain our positive medium-term outlook for gold.

The price of Light Sweet crude oil dropped again to a strong level of 92.50 dollars per barrel of oil but failed to reach the target level of 92.00. The reason for the decline was the weaker labor market data in the United States, as well as the completion of the driving season due to which the demand for gasoline and diesel will drop. Ceasefire in eastern Ukraine has also reduced the level of geopolitical tensions, but the situation remains unstable and at any time may become worse. Support for the oil may have a positive data on China's trade surplus, which rose to 49.8 billion. We maintain a medium-term negative outlook, but expect a decline in volatility this week.

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